The Federation of Automobile Dealers Associations (FADA) today released Vehicle Retail Data for February’23.
Commenting on how February’23 performed, FADA President, Mr. Manish Raj Singhania said, “February’23 continued to witness double-digit growth of 16% YoY but was still down by -8%, when compared to the pre-covid month of February’20. All categories also witnessed double-digit growth with 2-Wheeler, 3-Wheeler, Passenger Vehicle, Tractor, and Commercial Vehicles growing by 15%, 81%, 11%, 14%, and 17% respectively on a YoY basis.
The 2-Wheeler category witnessed a growth of 15% YoY but was down by -14% when compared to the pre-covid month of February’20. The change in OBD norms which comes into effect in April along with marriage season kept the sales ticking. Overall, high inflation and poor sentiment have kept the customers at bay.
The 3-Wheeler segment has seen 81% growth YoY and has also grown by 3% when compared to the pre-covid month of February’20. This category has seen drastic growth due to the Central & State Government’s subsidies along with good scheme promotion done by the states. Along with this, aggressive finance schemes continue to aid growth in this category.
The Passenger Vehicle segment saw a growth of 11% YoY and 16% when compared to the pre-covid month of February’20. The launch of new models, continuously improving supply coupled with a healthy booking-to-cancellation ratio, and wedding bells kept the momentum going for this already well-to-do segment.
The Commercial Vehicle category has also shown robust growth by growing 17% YoY though it fell by – 10% when compared to the pre-covid month of February’20. Walk-in enquiries improved during the month. Apart from this, demand has also increased due to changes in OBD norms which is will see price hikes. On the Government’s side, infrastructure spending has been healthy. This is also aiding better sales.”